77. Linda owned a parcel on Frontage Road that was 120ft. wide by 250ft. deep. She subdivided the lot into two parcels of 120ft by 125ft. She then sold the front property to Henry, reserving an access easement in the deed for access to the rear parcel. Linda did nothing with the rear property for 20 years, after which time she decided to build a house. Henry, on the other hand, had constructed a house and lived on the front parcel for 20 years. He claimed the easement was invalid because of nonuse. If Henry filed a lawsuit, the court would find the easement invalid because Linda could not grant herself an easement. invalid because of nonuse for 20 years. valid because easements created by deed do not terminate. invalid because Linda failed to put in the deed that the easement would not be used for an indeterminate period. 78. Sherry is selling a lot for $72,000. Her adjusted basis in the property is $56,000. In addition to paying $2,500 in closing costs, she will be responsible for a 6% commission. For federal income tax purposes, what is the gain Sherry will realize in this transaction? $6,820$9,180$16,000$22,820 79. A plot map indicates the streets located within a subdivision sets forth the steps of the construction of a building must be reviewed, approved and recorded before sales in a subdivision may begin shows a building's orientation upon the lot 80. Jill Jones, a real estate licensee, had her license suspended after the Real Estate Fund paid a judgment creditor. She will not be eligible for reinstatement until she pays back at least 1/2 of the amount paid in her behalf and signs a promissory note for the balance to be paid within a six month period completes the Real Estate Principles Course and sits for the licensing examination pays the judgment creditor and the Recovery Account plus interest reimburses the Recovery Account in full plus interest 81. A properly drafted purchase and sale agreement will include a granting clause. a complete legal description of the property. the scope of authority being granted to the agents involved. a Loan Estimate. 82. An agent would be guilty of fraudulent misrepresentation when the representation of the broker that the property had the best view of the river was incorrect. the misrepresentation was based upon incorrect information given by the seller. the withholding of a material fact was meant to deceive the buyer who, acting upon the misrepresentation, entered into a purchase agreement. All of the above 83. An agency relationship can be terminated by all of the following ways EXCEPT revocation by the principal of an agency coupled with an interest mutual agreement death or incapacity of the principal or agent expiration of the term of the agency agreement 84. Jerry purchased a single family lot that measured 90120. The city requires a 20' setback on the front, a 15' setback along the sides and a 10' setback at the back of the lot. How big can Jerry build his house? 2450 square feet 5460 square feet 5400 square feet 3200 square feet. 85. The market data approach is used by an appraiser to determine the building value less depreciation of the land value of vacant land rate of anticipated appreciation estimated cost of replacement 86. In California, the most common deed used to transfer title to real property is the Warranty Deed Quitclaim Deed Grant Deed Trust Deed 77. Linda owned a parcel on Frontage Road that was 120ft. wide by 250ft. deep. She subdivided the lot into two parcels of 120ft by 125ft. She then sold the front property to Henry, reserving an access easement in the deed for access to the rear parcel. Linda did nothing with the rear property for 20 years, after which time she decided to build a house. Henry, on the other hand, had constructed a house and lived on the front parcel for 20 years. He claimed the easement was invalid because of nonuse. If Henry filed a lawsuit, the court would find the easement invalid because Linda could not grant herself an easement. invalid because of nonuse for 20 years. valid because easements created by deed do not terminate. invalid because Linda failed to put in the deed that the easement would not be used for an indeterminate period. 78. Sherry is selling a lot for $72,000. Her adjusted basis in the property is $56,000. In addition to paying $2,500 in closing costs, she will be responsible for a 6% commission. For federal income tax purposes, what is the gain Sherry will realize in this transaction? $6,820$9,180$16,000$22,820 79. A plot map indicates the streets located within a subdivision sets forth the steps of the construction of a building must be reviewed, approved and recorded before sales in a subdivision may begin shows a building's orientation upon the lot 80. Jill Jones, a real estate licensee, had her license suspended after the Real Estate Fund paid a judgment creditor. She will not be eligible for reinstatement until she pays back at least 1/2 of the amount paid in her behalf and signs a promissory note for the balance to be paid within a six month period completes the Real Estate Principles Course and sits for the licensing examination pays the judgment creditor and the Recovery Account plus interest reimburses the Recovery Account in full plus interest 81. A properly drafted purchase and sale agreement will include a granting clause. a complete legal description of the property. the scope of authority being granted to the agents involved. a Loan Estimate. 82. An agent would be guilty of fraudulent misrepresentation when the representation of the broker that the property had the best view of the river was incorrect. the misrepresentation was based upon incorrect information given by the seller. the withholding of a material fact was meant to deceive the buyer who, acting upon the misrepresentation, entered into a purchase agreement. All of the above 83. An agency relationship can be terminated by all of the following ways EXCEPT revocation by the principal of an agency coupled with an interest mutual agreement death or incapacity of the principal or agent expiration of the term of the agency agreement 84. Jerry purchased a single family lot that measured 90120. The city requires a 20' setback on the front, a 15' setback along the sides and a 10' setback at the back of the lot. How big can Jerry build his house? 2450 square feet 5460 square feet 5400 square feet 3200 square feet. 85. The market data approach is used by an appraiser to determine the building value less depreciation of the land value of vacant land rate of anticipated appreciation estimated cost of replacement 86. In California, the most common deed used to transfer title to real property is the Warranty Deed Quitclaim Deed Grant Deed Trust Deed